Increase in Demand in Mid-Segment Housing
A close look at the overall property sales across India in the last nine months reveals that residential homes in the price bracket of Rs 25 -40 lakh accounted for more than 85% of property sales. There is latent demand in mid-segment housing nowadays.
Indian economy started picking up and most of the developers are now looking to focus on this segment. Demand has resumed in mid segment housing category and this market appears to be doing well. A healthy margin of over 30% is also one of the reasons why developers are looking at this category. Those real estate developers who focused on high-end projects have lined up slew of projects to tap the growing mid-income housing projects.
Bangalore-based property developer Prestige had entered into mass housing segment. Largely known as premium property developer offering houses upward of Rs 40 lakh, the company entered housing starting from Rs 20 lakh onward to cater to the growing demand from mid-income segment.
The company, for the first time, plans to launch one-BHK apartment along with two and three-BHK with apartments ranging from 664 sq ft. to 2,000 sq ft each. Spread over some 38 acre, the first project in Bangalore will offer 2,321 units and will entail a total outlay of Rs 650 crore. Another Bangalore-based real estate developer, Mantri Developers , entered into this segment focusing on middle class clients in prime locations. Largely known as luxury developer offering houses upward of Rs 70 lakh, Mantri has entered housing starting from Rs 25 lakh onward.
Mantri, which had earlier planned three residential townships across Chennai, Bangalore and Hyderabad consisting of 30,000 units, has now scraped the plan to de-risk itself from the fast changing dynamics of the real estate business. It will instead launch mixed-use housing projects comprising of residential, hospitality, retails and commercial properties.
Economic Times
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